Bitcoin Loses $7,000 Support After ETF Delay, Altcoins Suffer Large Losses

Bitcoin (BTC) prices broke below the $7,000 support level late August 7 to hit lows on Wednesday, August 8 not seen since mid-July, as 99 out of the 100 coins on CoinMarketCap see red.

Market visualization from Coin360

At press time, BTC was trading around $6,499, down around 8.5 percent on the day and capping a turbulent three weeks in which the largest cryptocurrency gained and lost up to 20 percent.

Bitcoin’s weekly price chart. Source: Cointelegraph Bitcoin Price Index

Tuesday’s move below $7,000 means the coin has almost come full circle since it rapidly gained over $1,000 over a two-day period ending on July 17.

While commentators were unclear as to the motive behind the sudden upwards move, Bitcoin prices continued rising throughout the last month, reaching multi-week highs of around $8,450 two weeks later.

In August, despite news of a regulated digital assets platform from Intercontinental Exchange and moves by Goldman Sachs to plan a crypto custody offering, markets…